Indian companies invested $40 billion in US: CII survey
163 Indian companies created 4,25,000 jobs in US, says survey titled “Indian Roots, American Soil
Reflecting the growing reach of Indian enterprise, 163 Indian companies have invested more than $40 billion in the United States and created nearly 4,25,000 jobs in the country, according to a new survey.
Titled “Indian Roots, American Soil,” the survey by the Confederation of Indian Industry (CII), was released in Washington DC on May 3 by India’s Ambassador to the United States Taranjit Singh Sandhu with US Ambassador-designate to India Eric Garcetti.
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Indian companies also financed US-based Research and Development (R&D) projects to the tune of nearly $1 billion and spent about $185 million as corporate social responsibility.
“Indian companies in the US bring strength, resilience and competitiveness to the US. They create jobs, support the local communities, and build capacity and technical know-how. They create virtuous cycles of prosperity,” Sandhu said. “In my travels across the US, I have been amazed to see what Indian companies have done to transform neighborhood in the US”
“They not only create virtuous cycles of employment, investment and growth in the US, but go beyond — they support local communities and partner with schools and universities. India has always believed that success is to be shared, and sharing is a success.”
Indian companies have demonstrated their resilience and commitment to the US market, with increasing investments and job creation, as well as growing sector diversification and expanding geographic presence across the US, said CII Director General Chandrajit Banerjee.
“Their future plans to invest and hire more, further indicate a positive growth trajectory for the US-India economic relationship,” he said.
The top ten states benefiting from jobs created by Indian companies are Texas (20,906 jobs), New York (19,162 jobs), New Jersey (17,713 jobs), Washington (14,525 jobs), Florida (14,418 jobs), California (14,334 jobs), Georgia (13,945 jobs), Ohio (12,188 jobs), Montana (9,603 jobs), Illinois (8,454 jobs).
The top ten states with the most reported FDI from Indian companies were Texas ($9.8 billion), Georgia ($7.5 billion), New Jersey ($4.2 billion), New York ($2.1 billion), Massachusetts ($1.4 billion), Kentucky ($908 million), California ($776 million), Maryland ($720 million), Florida ($711 million) and Indiana ($582 million).
According to the report, 85% of the companies plan to make more investments in the United States in the next few years and 83% of the companies plan to hire more employees in the US in the next five years.
Read: A total of 163 Indian companies invested $40bn in U.S.; created 4,25,000 jobs: CII survey (May 4, 2023)
Assistant Secretary of Commerce Arun Venkataraman and Executive Director of Select USA Jasjit Singh, with 250 participants from the business community and 25 US state representatives attended the reception at India House.
A large number of representatives of Indian companies who are currently in Washington to attend the Select USA Summit were also present.
